8/21/2006 @ 1:57PM

XM Tough Enough, Panero Quits Vonage Board

The Internet telephony firm’s ads depict bad calls via lobster costumes and amateur lumberjacks. But some observers say the most foolish act of all was Vonage’s own: its decision to launch an initial public offering.

The Voice-over-Internet Protocol (VoIP) company not only faced deep-pocketed e-commerce, cable and telecommunications giants —
eBay
unit Skype,
Comcast
and
Verizon Communications
, among others — but Vonage’s moribund May 23 IPO was quickly followed by several class-action suits on behalf of shareholders.

Sound familiar? Then you likely have an interest in the satellite radio sector. Like Hugh Panero. He’s the CEO of
XM Satellite Radio
, which — like smaller rival
Sirius Satellite Radio
— has been operating in the red for some time, ever pointing to the supposedly golden future when losses will ostensibly shrink and swing to profit.

For now, though, XM has lowered its subscriber-growth guidance for the year, as it struggles with challenges like certain car radio units that violated U.S. Federal Communications Commission transmission standards. And just as Howard Stern‘s vast fan base hasn’t been enough to pull Sirius out of the red, neither has his counterpart “zoo” program, the Opie and Anthony Show, done the trick for XM.

Panero has enough challenges at home; he doesn’t need to expend energy elsewhere. So it was announced Monday that he has already left the Vonage board, effective Aug. 18.

Citron, also Vonage’s chief strategist, said in a statement that, “Hugh will be missed on the board, we wish him well and we thank him for his contributions.”

“Contributions” which apparently can’t be replicated: Vonage said it has no intention to fill the vacated seat. Not even if the VoIP firm miraculously finds itself in the black — in some future quarter.